Note. 1.
a) There has been a diminution of Rs. 3,53,000/- in the value of long
term investments held by the Company as at 31st March, 2014. No
provision against the same has been considered necessary since in the
opinion of management such diminution is of temporary in nature.
Note 2.
a) Total present liability for future payment of gratuity as on 31st
March, 2014 is neither provided nor actuarially determined. This
liability will be dealt with on cash basis which is not in accordance
with Accounting Standard (AS) 15- 'Employee Benefit' issued by the
Institute of Chartered Accountants of India.
b) Leave encashment liability, if any, has not been determined,
presently, and would be charged when paid. This liability will be dealt
with on cash basis which is not in accordance with Accounting Standard
(AS) 15- 'Employee Benefit' issued by the Institute of Chartered
Accountants of India.
Note 3.
During the year the Company has accounted for deferred tax in
accordance with the Accounting Standard 22 -"Accounting for Taxes on
Income" issued by the Institute of Chartered Accountings of India.
Note 4.
Trade receivables amounting to Rs. 395,61,66,909/- is outstanding for
more than three years and the management classifies these debts fully
recoverable and Good and accordingly accordingly does not consider it
necessary to make any provision.
Note. 5.
LEASE:
The Company has entered into a lease agreement for use of sales counter
space along with all the other amenities, which is in the nature of
operating lease. As per the terms of the agreement, the period of lease
ranges from 11 months to 3 years and the same is further renewable for
such period as may be mutually agreed by the lessor and the lessee. The
leases can be terminated by either party by giving one month notice as
per terms of agreement.
Note. 6.
The management based on their review of assets and operation of the
Company has determined that there is no indication of potential
impairment and that the recoverable amount of any of its fixed assets
is not lower than its carrying amount. Accordingly no provision for
impairment is required as at 31 March 2014.
Note 7.
In the absence of the Company Secretary, these financial statements
have not been authenticated by a whole time Company Secretary under
Section 215 of Companies Act, 1956.
Note 8.
As required by the Notification No. GSR 129(F) dated 22nd February,
1999 issued by the Department of Company Affairs, Ministry of Law,
Justice and Company Affairs there are no small scale undertakings to
which the Company owes sum which is outstanding for more than 30 days.
This information has been determined on the basis of information
available with the Company. This has been relied upon by the auditors.
Suppliers/Service providers covered under Micro, Small Medium
Enterprises Development Act 2006, have not furnished the information
regarding filing of necessary memorandum with the appropriate
authority. In view of this, information required to be disclosed u/s 22
of the said Act is not given.
Note 9.
In the opinion of the Board, current assets, loans and advances are
approximately of the value stated, if realised in the ordinary course
of business and provisions for all the known liabilities and
depreciation are adequate and not in excess of the amount reasonably
necessary.
Note 10.
Previous year's figures have been regrouped or rearranged, wherever
considered necessary to conform to current year's presentation. Figures
in bracket are in respect of previous year.
Note 11.
Balances of debtors, loans and advances and creditors are subject to
Confirmation.
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